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In recent years the number of farms has decreased while farm size has increased. What concept explains this?
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In long run, what market type has allocative and productive efficiency?
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keeps new firms from competing on an equal basis with equal firms in an industry.
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what is term for single seller of product with no close substitues?
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What enables DeBeers to have monopoly powers?
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why would jewelers be willing to hold large inventories of diamonds?
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| b/c DeBeers controls diamonds so they know that the prices won't fall |
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| what is challenging DeBeers control of the diamond market? |
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What type of market has many firms each selling a slightly different product?
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Why would collusion among firms to raise prices be rare in monopolistic competitive markets?
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What type of market: businesses ignore effect on other businesses b/c small relative to market?
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| What market structures produce differentiated products? |
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monopolistic and oligopolistic
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| Why would a firm in monopolistic competitive market not want to raise its prices? |
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Definition
people will turn to competitors
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| Domestic auto industry is an example of what type of market structure? |
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What type of market structure would not need advertising to differentiate products?
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